The AmpliTech Group has announced filing of their FY 2016 10-K. The company continued its growth and met its planned revenues in excess of $ 2 million setting a record for the company. In previous press release of January 2017, the figures were inadvertently reported as those of AMPG (AmpliTech Group Inc.), when in fact they were referring to AMPG's sole subsidiary, AmpliTech Inc. The Company disclosed that the error was due to the confusion associated with the similar names of the two entities.
The parent company, AMPG, does not generate revenue but owns AmpliTech, Inc., which is the sole source of its revenue. Although the two operate essentially as one company, the difference in the financials is evident. This is due to the fact that the parent company accounts for the expenses generated to maintain its fully reporting public status, thus leading to the offset in the consolidated financials. The reporting was merely an oversight and purely unintentional. Another unexpected expense that had to be accounted for in the fourth quarter was the tax liability for 2016. The company had NOL carryovers from previous years that could not be used as planned.
Notwithstanding the unexpected issues mentioned, the company still had an outstanding year of profit and revenue.
Key Highlights and Traction in 2016:
- Record revenues of over $ 2 million. A 37% increase from prior year
- Increase in gross profit of 40%
- Net Income of $ 415K and EBITDA of ~$ 500K
- Decrease in interest expense of 57%
- New facility with increased efficiency and more space for growth
- New website with increased functionality and product exposure for increased sales worldwide
- Investment in R&D creating new product lines with higher margins
- Entered into agreement with a leading national distributor to increase sales, enhance marketing, and stock inventory to support customer demand
- Exhibited in leading industry Mega trade shows (IMS 2016 and EDICON 2016)
- Sufficient backlog of orders and pursuing several sources of organic revenue to significantly increase sales over the next 2 to 3 years
